Kraken Acquiring Coinsetter and Cavirtex to Bring Global Bitcoin
Exchange to United States and Canada

Largest bitcoin exchange in euro volume will consolidate industry and
expand to North American markets

January 19, 2016 10:00 AM Eastern Standard Time

SAN FRANCISCO--(BUSINESS WIRE)--Global bitcoin exchange Kraken
today announced that they are acquiring major exchanges Coinsetter and
Cavirtex. NYC-based Coinsetter, founded in 2012, is one of America’s
most prominent national bitcoin exchanges, and Cavirtex, founded in
2011, is Canada’s first bitcoin exchange with unmatched historical
trading volume in the country. With these two acquisitions, Kraken sets
the stage for an immediate and significant expansion into the North
American market.

Already the world’s largest bitcoin exchange in euro volume and
liquidity, Kraken will fully absorb both Coinsetter and Cavirtex brands
in the acquisition. Client accounts of both exchanges will be
automatically transferred to Kraken’s cutting edge, low fee platform on
January 26, 2016. Once the transfer is completed, account holders will
be directed to www.kraken.com
to login, update account information if needed, and begin trading
immediately.

In a related deal, Kraken today announced a partnership with American
payment provider SynapsePay to allow rapid, low-fee domestic USD
deposits and withdrawals to individual and institutional clients in 37
US states and Washington DC. For the first time, the vast majority of
Americans will have access to Kraken’s full suite of advanced exchange
services including seamless bitcoin-dollar (XBT/USD) trading.

Canadian clients will be able to deposit and withdraw funds to the
exchange through Kraken’s continuing partnership with Vogogo, a leading
payments platform in Canada.

Clients across the globe will receive the benefits of Kraken’s leading
and ever-improving exchange. Outbound Coinsetter CEO Jaron Lukasiewicz
said, "I'm excited what our acquisition by Kraken means for Coinsetter
and Cavirtex customers, who will all benefit from Kraken’s leading
platform, global team and unparalleled customer service. For years, the
teams at Coinsetter and Cavirtex have worked closely with traders,
bitcoin companies and investors to advance the burgeoning bitcoin space
in North America. We are confident that Kraken is the right world-class
company with the resources, vision and drive to successfully carry our
torch far into the future.”

Kraken has previously concentrated on developing market share outside of
the US, particularly in Europe where Kraken has become the dominant
exchange for bitcoin-euro (XBT/EUR) trading. “The acquisition of
Coinsetter and Cavirtex marks the beginning of a new era for Kraken,”
said Kraken CEO Jesse Powell. “The consolidation of these three veteran
giants is the largest exchange deal to date. Combined, we represent over
thirteen years of bitcoin exchange experience in an industry that is
only seven years old. Kraken has big, exciting plans for 2016. This year
we will fully leverage what we’ve built as the world’s most trusted and
secure bitcoin exchange. This is the year that we make long strides to
capture key markets and crank up the volume. This is the year of the
Kraken.”

To celebrate the acquisition, through March 1, 2016 all American and
Canadian clients, including Canadians living abroad, will enjoy free
deposits on Kraken’s trusted, next-generation bitcoin exchange. For
more details, including regions supported, transfer options, and
pricing, please see below or visit www.kraken.com.

Based in San Francisco, Kraken is the world’s largest global bitcoin
exchange in euro volume and liquidity. Kraken’s clients also trade US
dollars, Canadian dollars, British pounds, Japanese yen and other
digital currencies on a platform consistently rated the best and most
secure bitcoin exchange by independent news media.

Founded in 2011, Kraken was the first bitcoin exchange to have its
market data displayed on the Bloomberg Terminal, the first to pass a
cryptographically verifiable proof-of-reserves audit, a partner in the
first cryptocurrency bank, and one of the first exchanges to offer
leveraged bitcoin margin trading. Kraken is trusted by hundreds of
thousands of traders, institutions, and authorities across the world,
from Toyko’s court-appointed trustee to Germany’s BaFin regulated Fidor
Bank. In January 2016, Kraken announced that it was acquiring prominent
bitcoin exchanges Coinsetter and Cavirtex to expand its global reach.